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UK services sector ‘on the rise’

The UK services sector is showing signs of increased business activity and growing confidence, according to the latest survey from the Confederation of British Industry (CBI).

The CBI’s quarterly survey has revealed a significant upturn in business volumes in the area of business and professional services, with growth reaching its highest level since November 2007. Meanwhile, consumer services also enjoyed its highest level of growth in six years.

However, businesses within the hospitality industry experienced a reduction in profitability, and the CBI warned that concerns remain over the longer term, with many consumer services firms choosing to scale back their investment and expansion plans.

Stephen Gifford of the CBI said, ‘Conditions remain tricky as households grapple with the prolonged squeeze on real incomes and business confidence remains vulnerable to any adverse developments in the global economy’.